TikTok Fined €530 Million for Illegally Sending EU Data to China
TikTok owner ByteDance Ltd. was fined €530 million ($600 million) by the European Union for illegally sending user data to China, warning the firm it didn't do enough to keep information out of reach from Chinese state services.
Ireland 's Data Protection Commission, the company's main regulator in Europe, said TikTok infringed the bloc's rulebook with the data transfers and gave it six months to suspend all illegal transfers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
20 minutes ago
- Wall Street Journal
Chinese Auto Stocks Rise After Vow to Pay Suppliers on Time
Shares of major Chinese automakers rose Wednesday as the companies pledged to shorten payment terms for suppliers amid an intensifying price war in the world's largest auto market. State-backed Guangzhou Automobile said late Tuesday that the company will commit to paying suppliers within 60 days, a move aimed at ensuring efficient capital flows across the auto industry's supply chains. Government-owned peers Dongfeng Motor and China FAW Group also released their own statements with the same message.
CNBC
26 minutes ago
- CNBC
10-year Treasury yield inch higher after U.S. and China agree to trade truce
The 10-year yield on U.S. Treasurys inched higher on Wednesday as U.S. and Chinese officials reached an agreement on trade. At 2.45 a.m. ET, the 10-year Treasury yield was up by 1 basis point at 4.49%. The 2-year yield added the same to arrive at 4.02%. The 30-year yield was also higher by a basis point to 4.95%. One basis point equals 0.01%. Yields and prices move inversely in the bond market, meaning higher prices equal lower yields and vice versa. U.S. Commerce Secretary Howard Lutnick said that he and U.S. Trade Representative Jamieson Greer would return to Washington to "make sure President Trump approves" of the framework agreed with their Chinese counterparts in London. Investors will also be looking out for more insight into the U.S. economy on Wednesday morning as the Bureau of Labor Statistics rolls out May's reading of the consumer price index. Economists polled by Dow Jones call for a 0.2% month-over-month increase, while headline CPI is anticipated to have grown 2.4% from 12 months earlier. A hot report could spook investors who are already on edge over inflationary pressures.
Yahoo
43 minutes ago
- Yahoo
Morning Bid: So, it's a framework for a deal, maybe?
(Reuters) -A look at the day ahead in European and global markets from Wayne Cole. So, apparently, they have the concept of a plan for a proposal on a framework for a deal to break the latest U.S.-China trade impasse. Which was only needed because President Trump sent that tweet claiming Beijing had broken the old deal. This deal now needs to be approved by Trump and Chairman Xi, and then implemented. At least the Chinese side thought the talks were "rational", which was a step forward. Details were scant, though the U.S. team did claim that it would resolve China's export restrictions on rare earth minerals and magnets. What Beijing got in return was not yet clear. Neither was it clear whether this truce would last any longer than the last one, which might be why the early market response was less than enthusiastic. U.S. and European stock futures were all down between 0.2% and 0.6%, and Asian shares modestly firmer. There is still the small matter of whether the April 2 levies are actually legal, with a federal appeals court allowing the tariffs to remain in effect while it reviews a lower court decision blocking them. The dollar and Treasuries were little changed as the U.S. CPI looms later in the day and any upside surprise would fan stagflationary fears, to the detriment of both markets. Analysts assume lower energy prices will keep the headline rise to 0.2%, while the core is seen up 0.3%. Attention will be on whether tariffs show up in goods prices, though the full impact is likely to appear from June onwards. Measures of volatility suggest investors really aren't prepared for a high number, so anything in line will be a relief. Treasuries also have a 10-year auction to weather, with the focus on the share taken by indirect bidders which include foreign central banks. The latter took a hefty 71% of the May sale, while primary dealers got just 8.9%. A repeat performance would be warmly welcomed. Key developments that could influence markets on Wednesday: * ECB wage tracker. Appearances by ECB council membersGabriel Makhlouf; Piero Cipollone; Philip Lane and Claudia Buch;policymaker Yiannis Stournaras * British finance minister Rachel Reeves releases spendingreview * U.S. CPI data for May (By Wayne Cole; Editing by Christopher Cushing) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
